Clare Daly (Dublin North, United Left)
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277. To ask the Minister for Finance the level of relationship between Irish State agencies and a bank (details supplied); the number of contracts they hold with respect to Irish treasury operations; if additional overcharging has been discovered; in total the amount of refunds and penalties obtained on foot of misconduct which has been substantiated by the Financial Conduct Authority or admitted by the bank. [11896/15]

Michael Noonan (Limerick City, Fine Gael)
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The National Treasury Management Agency (the "NTMA") advised the Committee of Public Accounts in February 2014 that, in view of the nature of the failings at State Street identified by the Financial Conduct Authority, the National Pensions Reserve Fund (the "Fund") had terminated its contract with State Street Global Advisers ("SSGA"), which managed an indexed equity mandate for the Fund.  At present, the NTMA has no contracts with companies within the State Street Group.* 

Following the issues of overcharging in transition management mandates in 2010 and 2011, State Street agreed in October 2014 to pay further compensation in the amount of €852,000 to the NTMA in the spirit of goodwill and with intent to compensate the Fund for any costs incurred in resolving the matter. This payment is over and above the reimbursement in respect of the overcharging that was already received from State Street (€3.2 million). These payments constitute a full and final settlement of the matter.  

* SSGA has also acted as an investment manager of the NTMA pension scheme (which is overseen separately by appointed trustees); this role as investment manager ceased in June 2014 with the exceptions of some legacy property assets of the NTMA pension scheme that are pending divestment and some AVCs.